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Brookfield Asset Management is paying a total of $428 million for 53 industrial assets, as the company seeks to capitalize on the sector's strong long-term fundamentals.

The portfolio, located across the Sunbelt, covers roughly 3.6 million square feet, according to a report from the Commercial Observer. Mostly, the buildings are located in cities including Nashville, Atlanta, Dallas and Houston.

The properties, bought from Stonelake Capital, are 96 percent leased.